Dr Reiko Journals

Welcome to Reiko Journals

REIKO JOURNALS is an offspring of the REIKO CENTER FOR ACADEMIC RESEARCH AND DEVEVELOPMENT. Its membership comprises of African and American Scholars in various Universities. The center decries the prevalent and perennial poverty and under-development in the sub-Saharan African countries and in the entire third world and designs a vision to provide intellectual potentials development opportunities to strengthen the micro and macroeconomic institutions in such countries....

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2016 Archive

1 Title: INVESTIGATION OF THE FINANCIAL CHARACTERISTICS OF DERIVATIVES BY BANKS IN LATIN AMERICA.pdf
Author: OLICASTRO ANDRES
Abstract: We find that in Latin America banks using derivatives, compared to nonuser banks, are associated with riskier capital structures. Additionally, we find that on-balance sheet activities such as liquidity is not a substitute for derivatives and that derivatives are not being used to coordinate interest-rate risk and credit risk management strategies. These results identifying a derivative user bank as a weak capitalized bank which does not seek to hedge unwanted risk, argue the need for any additional restrictions on derivatives activities. Latin American policy makers need to address the possible speculative behavior of banks in Latin America, otherwise they risk having an unstable and detrimental banking system. Keywords: Derivatives, Banking, Risk Management, Latin America. View
2 Title: EFFECTS OF COMMERCIAL TRADERS ON FOREIGN CURRENCY EXCHANGE RATES.pdf
Author: PESA MACK
Abstract: Microstructure approach to exchange rate determination is a growing phenomenon in exchange rate literature. This approach stresses the significance of buy and sells orders of traders to explain exchange rate movements. Several recent articles have investigated the importance of this approach by testing the long-run relationship between the cumulated order flows and spot exchange rates. This paper examines the co-integration relation between the net position of non-commercial traders in various foreign currency futures and exchange rate movements in the spot market. The results indicate that a stable long-run relationship exists between the cumulated net position of non-commercial traders in foreign currency futures and corresponding spot rates. Moreover, Granger causality tests, produced from error correction models (ECM), point to bidirectional causality in some cases and unidirectional causality in others. Key words: Exchange Rates, Order Flow, Futures Markets, Co-integration. View
3 Title: IMPACT OF TRANSNATIONAL CAPITALISM ON DEVELOPING WORLD ECONOMIES.pdf
Author: AKSHIIN LIWAL AND MIN PA
Abstract: In this age of transnational capitalism, a significant amount of capital is flowing from developed world to emerging economies. Portfolio investments brought in by FIIs have been the most dynamic source of capital to emerging markets since 1990s. Since the beginning of liberalization in 1990s, FII flows to India have steadily grown in importance. From a near absence of FII inflows till 1992, today such inflows represent a dominant proportion of total flows. Positive fundamentals, gradual removal of structural barriers combined with fast growing markets have made India an attractive destination for foreign institutional investors. Today, FIIs are the key drivers of the Indian equity market and rising stakes in Indian companies. But, at the same time there is unease over the volatility in foreign institutional investment flows and its impact on the different segments of the economy. The increase in the volume of foreign institutional investment (FII) inflows in recent time has led to concerns regarding the volatility of these flows, threat of capital flight, its impact on the stock markets and influence of changes in regulatory regimes. The determinants and destinations of these flows and how are they influencing economic development in the country have also been debated. The present paper revealed that any problem related to FIIs is basically the problem of management. India should develop new tools to manage FIIs effectively and efficiently. Key Words: FIIs, Stock Markets, Performance, Firms, Economy. View
4 Title: DIRECT COMPENSATION AND FINANCIAL RETURN IN U.S. COMMUNITY BANKS EMPIRICAL UPDATE ON THEIR RELATIONSHIP.pdf
Author: JONATHAN WALKER AND SANDRA FOHNA
Abstract: In this paper, we examine the relationship between CEO direct compensation and firm performance at a sample of domestic, publicly-traded community banks. We find that the pay–performance sensitivity of CEO direct compensation at the community banks in our sample is comparable to that of the banking sector as a whole. We also find that CEO direct compensation is most sensitive to changes in total return, positively tied to the generation of fundamental returns, and uncorrelated with the generation of speculative returns. Key Words: Banking, Executive Compensation, Community Banking, Returns. View
5 Title: PARTINENT MICRO FINANCE VARIABLES AND COMMERCIAL BANKING IN INDIA.pdf
Author: RAHUL MALHOTRA
Abstract: The paper examines the behavior of profitability, cost of intermediation, efficiency, soundness of the banking system, and industry concentration for public and private sector Indian commercial banks. The empirical results show that competition in the Indian banking industry has intensified. While the net interest margin has improved, cost of intermediation is actually rising and banks are responding to the increased costs with higher efficiency levels. Keywords: Commercial Banks, intermediation, financial crisis, Indian banks, performance evaluation. View
6 Title: DYNAMICS OF VOLATILITY EUROPEAN EQUITY MARKETS.pdf
Author: KOMÁREK KOMÁRKOVÁ
Abstract: This paper investigates the dynamic nature and determinants of volatility spillovers from European region and world to the five emerging European equity markets that are not members of the European Monetary Union. Using a multi-factor model with time-varying loadings estimated in three stages, our results show significant world and regional effects on volatility. The influence of economic determinants on the regional effect seems to be greater than that on the world effect. Furthermore, this study provides evidence that economic growth and exchange rate can predict the volatility spillover intensities in the Czech Republic, Hungary, and Poland as well as in the developed European region, by controlling the variables of foreign capital flows and trade. World effect on region becomes stronger when the world and European region are simultaneously in recession. Key words: volatility spillover, economic growth, exchange rate. View
7 Title: EQUITY THEORY OF MOTIVATION AND WORK PERFORMANCE IN SELECTED SOUTH EAST UNIVERSITIES.pdf
Author: OGOLO JOHN IBINWANGI, OBIANUJU CHIEKEZIE, PhD. AND CHUKWUJAMA NGOZI COMFORT
Abstract: The study examines equity theory of motivation and work performance in higher institutions with particular reference to Nnamdi Azikiwe University, Awka, Anambra State University (Igbarian Campus) and Enugu State University of Science and Technology. The objective of the study is to assess the extent to which employees’ behaviour affects job performance in organizations. The study employed the descriptive research design. Primary and Secondary sources of data were the major instruments used for this study. The findings reveal that there is a significant relationship between employees work behaviour and job performance. The study concludes that fair treatment should be used to motivate employees. By giving them the best possible rewards they expect. It was recommended that institutions and other corporate organizations should consider and recognize the contribution of each employee to the achievement of the institution’s and the organizations objectives. View
8 Title: IMPACT OF DOMESTIC EQUITY MUTUAL FUNDS EXPENSE RATIOS DETERMINATION.pdf
Author: LISEA BELOHNI
Abstract: According to the Investment Company Institute, average mutual fund expense ratios declined sixty percent in recent years. We evaluate the performance of domestic equity mutual funds to determine whether this decline in expense ratios had a measurable impact on fund performance. We find that most mutual funds in our sample track the S&P 500 index, and at least thirteen percent outperform the index, providing evidence that the market is not quite efficient. Only a small percentage of the funds underperformed the market; a result that is remarkably different from previously documented findings. Our results show that both expense ratio and portfolio turnover are negatively associated with investment performance. The decline in fund expenses does not appear to be significantly beneficial to fund investors. Key words: Mutual funds; Expense ratios; Portfolio turnover; Market efficiency, Asset pricing model.  View

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